Preliminary data from the National Statistics Institute (NSI) show that Bulgaria’s economy registered a moderate growth of 1.8% last year, a significant slowdown compared to the 3.9% growth in 2022, Novinite reported.

In 2023, the nominal value of Bulgaria’s GDP was BGN 183.74 billion (approximately €93.95 billion) and GDP per capita was BGN 28,516 (€14,580). In 2023, the share of the agricultural sector in total gross value added fell to 3.5%, while the contribution of industry increased to 28.9% and the service sector reached 67.6%, compared to 67% in 2022.

Bulgaria hopes to join the eurozone in 2025. Launched by 11 countries in early 1999, the euro remained an electronic currency for its first three years. Currently, the euro zone includes 20 countries and is a means of payment for approximately 350 million people.

In early February, the Council of the European Union approved the design of the national part of the Bulgarian euro coins, the National Bank of Bulgaria (NBB) announced. The design reproduces the symbols that are present on modern Bulgarian coins: Madar horseman – on coins with denominations of 1, 2, 5, 10, 20 and 50 euro cents; Saint Ivan of Ryl – on the 1 euro coin; Saint Paisius of Hilandar – on the 2 euro coin.

Analysts believe joining the euro zone would help Bulgaria, the European Union’s poorest member state, attract more foreign investment and get a better sovereign rating, which would reduce its debt financing costs. The neighboring country long ago decided to tie its national currency to the euro.